Despite a prolonged downtrend, technical analysis of Shiba Inu (SHIB) indicates that the worst conditions for this meme coin may have come to an end. Recent data show a different picture from concerns of further decline and adding another zero to the price of SHIB. Currently trading at $0.00001218, SHIB is above a key support level that has acted as a reliable price floor over the past six months, indicating that buyers are still present in this range and preventing further price drops. Despite a gradual decrease in trading volume, no intense selling pressure is seen at these levels. Many weak traders have left the market, but long-term investors continue to hold their assets or are buying more. The Relative Strength Index (RSI) is in a neutral range, indicating neither oversold nor overbought conditions. However, market bulls do not show significant strength. Moving averages are still downward, creating resistances above the current price. Therefore, SHIB may oscillate in this range for a while and only show further growth in case of a strong catalyst or changes in its internal ecosystem. Overall, adding another zero to the price of SHIB may only occur in the event of a sharp market decline. The current price structure of Shiba Inu suggests that a severe crash is not a likely scenario at the moment, although the upside potential also seems limited in the short term.
